Dec. 12 (Bloomberg) -- Joy Global Inc., the world’s fourth-largest mining equipment maker, said it doesn’t see an immediate
recovery in orders after mining companies in the U.S. and China
cut capital spending.

Earnings excluding restructuring costs in the year through
October will be $5.90 to $6.50 a share, the Milwaukee-based
company said today in a statement. The average of 21 analysts’
estimates compiled by Bloomberg was for $6.65. The company
forecast sales of $4.9 billion to $5.2 billion, compared with
the $5.17 billion average of 20 estimates.

“We are setting our plans for 2013 on the basis that
current market conditions continue,” Chief Executive Officer
Mike Sutherlin said in the statement. “Although there is upside
potential in our markets, the timing is uncertain.”

Joy, which got 51 percent of its revenue from the U.S. in
fiscal 2011, has suffered as domestic coal producers cut tens of
millions of tons of output and shut mines this year after some
power stations switched to cheaper natural gas. A slowdown in
Chinese economic growth also curtailed coal production there.

Joy also said today that net income rose to $1.99 a share
in the fiscal fourth quarter ended Oct. 26 from $1.62 a year
earlier. Excluding expenses related to pensions, restructuring
and acquisitions, earnings were $2.13, beating the $1.91 average
of 21 estimates. Sales rose 19 percent to $1.59 billion.

Commodities Stabilizing

The shares rose 4 percent to $60.17 in New York.

Mining capital expenditure may decline 10 percent to 15
percent in 2013 on lower spending on coal and iron ore, the
company said. Commodity markets have stabilized and “now have
potential for upside,” Sutherlin said.

“I don’t see multi-year significant declines in capex,”
Sutherlin said during a conference call with analysts. “We
really do believe capex is going to stabilize.”

The world’s largest mining-equipment manufacturers by
revenue are Caterpillar Inc., Komatsu Ltd. and Sandvik AB,
according to data compiled by Bloomberg.